Deloitte's financial report for the 2010/11 season has Real Madrid as the club that generates the most revenue in the world.
Real are top dogs for a seventh year running with €479.5 million, close to €41 million more than the previous year's €438.6 million.
The report also shows Real Madrid's revenue is the most balanced in the top 20, generating 38% from national and international television rights, 36% from marketing, and 26% from ticket sales and exploitation of the Santiago Bernabeu Stadium.
Top 5 earners last year:
1 Real Madrid CF 479.5
2 FC Barcelona 450.7
3 Manchester United 367
4 Bayern Munich 321.4
5 Arsenal 251.1